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Chapter II
Settlements on Children Generally
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Income settled on children.
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443.—(1) Where, by virtue or in consequence of a settlement and during the life of the settlor, any income is, in any year of assessment, paid or payable or accumulated to or for the benefit of a child of the settlor, such income shall, if at the beginning of such year such child is under the age of twenty-one years and is unmarried, be treated for the purposes of this Act as income of the settlor for that year and not as income of any other person.
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(2) This Chapter applies to every settlement, wheresoever made or entered into and whether it was made or entered into before or after the passing of this Act.
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(3) This Chapter shall not apply in relation to any income arising under a settlement in any year of assessment for which the settlor is not chargeable to income tax as a resident in the State, and references in this Chapter to income shall be construed accordingly.
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(4) This Chapter shall not apply to any income which, by virtue or in consequence of a settlement and during the life of the settlor, is in any year of assessment paid or payable or accumulated to or for the benefit of a child of the settlor if the settlor proves to the satisfaction of the Revenue Commissioners—
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(a) that the aggregate amount of such income so paid, payable, or accumulated in such year does not exceed £60, and
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(b) that at the beginning of such year such child is over the age of sixteen years and is permanently incapacitated by mental or physical infirmity from maintaining himself and from receiving full-time instruction at a university, college, school, or other educational establishment, and
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(c) that such child is not entitled for such year to income exceeding in the aggregate £40, exclusive of income to which this Chapter would have applied if this subsection had not been enacted.
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